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"Bank ask for security over loan..."

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Hi there
well my friend banks are main source of providing loans. Bank ask for security over loan. If you could not return them the loan with interest after certain period of time then bank can legally take any action on you. They can send you in jail as well. Usually banks want their loan taker to return loan after 2 or 3 years. If some one could not then bank can take action against him,
Have a nice day !!!

"This question when will bank of america send notice of default ..."

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This question When will bank of america send notice of default , holds much importance in the procedure of foreclosure. Basically this all procedure of foreclosure rely upon the laws and principles of company or bank performing the foreclosure of any property. Mostly banks start foreclosure after 3 nonpayments. It issues the notice to warn the customer about nonpayments, if customer doesn`t react on that notice then bank has to perform auction or foreclosure.

"You they will issue a notice of default / foreclosure and file this with..."

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After 30 days of non payment you will receive a notice of default on your mortgage. Some banks will foreclose on your immediately at this time some will wait from 3 - 9 months depending on your state. Most banks will choose a non judicial foreclosure which means there will not be any courts or lawyers involved in the foreclosure proceedings. Once the foreclosure process is completed the bank or lender will have the right to sell the property. Once the lender decides to foreclose on you they will issue a notice of default / foreclosure and file this with the county recorders office. At this point you have 90 days to bring your mortgage current, refinance the mortgage or find some other way to make the lender happy. After the 90 day period the lender will record a "notice of sale". You will receive a copy of this notice and it will also be filed at the county recorders office. At this point you have 20 days to cure your mortgage or refinance it. At this point most lenders will not refinance since you are now a serious default risk. They will want the mortgage paid off or brought current both of which should be difficult for the borrower at this point. If someone buys your house at the notice of sale they need to sign some legal paperwork before the home will be theirs but this will be the closing chapter on you living in the home.

"Is not necessarily that banks send a default message to you this only happens..."

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It is not necessarily that banks send a default message to you this only happens only when you have gotten late on doing your payment this may result to them actually send you a message like an alert to let you know that you are actually late with your payment,acting like a reminder to you.The banks also do monitor the payments you have made so as if you fail to pay one you may end up repaying more than required amount that was put before, your bank may also send you a notice that may be to a particular period of time acting as a dead line also known as warning period at many places In such situation, you should be totally clear about all your financial state and inform the bank about your current status, if not and you continue absconding your payment the bank will not have any other option but to default you then.

You can`t without lowering your credit scores. If you signed a loan and can`t hold up your end, it will affect your credit.
That being said, its better to take the hit to your credit on a mod then a foreclosure. A very good place to start is www.makinghomeaffordable.gov Through this government site, you can try to modify your loan and lower the payment to 31% of your gross monthly income. The lender can lower your interest rate as low as 2%, extend your term to a 40 year, and/or lower your balance. Its up to the lender to help you qualify for this program. If lowering your rate to 2% doesn`t get you down under 31% of your gross income.... they may not approve the mod. Start with that site and Good Luck!

Dorene Zeller said: Have you been looking for a loan?Do you need an urgent personal or business loan?contact Dennis Hopkins Finance Home he help me with a loan of $300.000 some days ago after been scammed of $2500 from a woman claiming to been a loan lender but i thank God today that i got my loan worth $300.000.Feel free to contact the company for a genuine financial service. Email: dennishopkins_financehome@ live.com or dennishopkins69@ yahoo.com or www.dennishopkinsfinance.de.vu Tel: USA +12404374240 Tel:UK +447509546091.He is a trust worthy man.

"A bank can file a notice of default after you miss a payment and..."

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A bank can file a notice of default after you miss a payment and the grace period has elapsed. In loans that I have worked with the grace period is anywhere from 15 days to 30 days. This basically gives your 2 months before the bank will file a notice of default. But, with that being said, in today`s economic conditions, banks are more apt to work with you and try to come to a feasible solution to avoid having to enter a notice of default. It is in the bank`s best interest to have you return to paying your mortgage, so you may leverage that as well.

"This question can i cure my mortgage default with bank of america..."

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This question Can i cure my mortgage default with bank of america, holds much importance in the procedure of foreclosure. Basically this all procedure of foreclosure rely upon the laws and principles of company or bank performing the foreclosure of any property. Mostly banks start foreclosure after 3 nonpayments. It issues the notice to warn the customer about nonpayments, if customer doesn`t react on that notice then bank has to perform auction or foreclosure.

"Bank of america will send the intent to accelerate..."

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Bank of America will send the Intent to Accelerate usually when you are 90 days behind on the mortgage. This is also their Notice of Default in some states (non judicial states). Call and check with them so you are not surprised if they start the foreclosure process without any other notice.

"In this question what you do if bank of america of america foreclose your houese..."

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In This question What you do if bank of america of america foreclose your houese, holds much importance in the procedure of foreclosure. Basically this all procedure of foreclosure rely upon the laws and principles of company or bank performing the foreclosure of any property. Mostly banks start foreclosure after 3 nonpayments. It issues the notice to warn the customer about nonpayments, if customer doesn`t react on that notice then bank has to perform auction or foreclosure.

"Yes a bank can issues a notice after it is expired even the..."

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Yes a bank can issues a notice after it is expired even the grace periods also finished but in other case if you are a defaulting customer you must pay bank any other extra charges this is the policy of every bank but in other case a if you fail to repay the bank s amount the bank will issue notice in favour of you. If you delay in returning the amount the bank will issue notice.

"The bank will give you the notice of default before foreclose..."

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If you are taking about the bank notice. The bank will give you the notice of default before foreclose. It is a warning letter for you. The bank offer you more few days to pay your foreclose late payment. It will be depend on bank rule before the due date of the letter you could not pay the late mortgage payment then they will foreclose soon. After receive intent notice you have to pay your payment as soon as possible. I hope so this answer will help you a lot.

"And they are delaying sending notice of default letters and intent to foreclose notes..."

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Some banks right now in the US do not want to show mortgage losses on their books and they are delaying sending notice of default letters and intent to foreclose notes sometimes for even up to a year or more right now. I wouldn`t count on this and if I were in your shoes would get legal advice from real estate lawyer in your own State.

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